2017-09-04 :Bank of Maharashtra waives processing fee on home and vehicle loans

Bank of Maharashtra has completely waived off processing fees on its home loans and vehicle loans. Meanwhile, the bank also claims to offer zero processing fees when someone transfers a home loan from another bank during this festive offer period. The offer is available only to the bank customers till December, 2017.

2017-08-07 :Bank of Maharashtra announces reduction in MCLR rates

Bank of Maharashtra has slashed its marginal cost based lending rate (MCLR). For overnight, one month and three month maturities, the rates have been revised to 8.15 per cent, 8.20 per cent and 8.25 per cent respectively. The new MCLR rate for six month and one year is 8.60 per cent and 8.70 per cent respectively. The new MCLR rates are effective from 7th August, 2017.

Reserve Bank of India (RBI) has initiated a prompt corrective action (PCA) against Bank of Maharashtra after evaluating its high net non-performing assets (NPAs) and negative return on assets (RoAs). The action taken by RBI will help in improving the profitability, efficiency and quality of its assets by reducing the bad loans.

2017-06-16 :Bank of Maharashtra reduces MCLR by 35 bps

Bank of Maharashtra has slashed its marginal cost of funds based lending rate (MCLR) by 35 bps. For overnight, one month and three month maturities, the rates have been revised to 8.30 per cent, 8.35 per cent and 8.40 per cent respectively. However, the bank has kept its MCLR rate unchanged at 8.75 per cent for six month and one year maturity. The new rates are effective from 7th June, 2017.

2017-06-10 :Bank of Maharashtra signs MoU with livestock and crop registry of India

Bank of Maharashtra has signed a memorandum of understanding (MoU) with livestock and crop registry of India for livestock registration. As per the agreement, the live cattles will be registered under livestock and crop registry of India (LCRI) for which the bank has provided loans. With this scheme, the bank aims to reduce the illegal sale of livestock purchased out of bank finance.

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